Many landlords start their investment portfolio by deciding to rent out their own home. Your family may have outgrown the house, or you may have decided to upgrade to a more indulgent lifestyle. Whatever the reason, holding onto your first home and renting it out is a great way to start your investment portfolio.
Here are a few preparations you can arrange to ensure your cherished first home is loved by the next family.
Consider including garden and pool maintenance in the rent.
If your property has a pool or an established garden that requires some maintenance throughout the year, you can maximise your rental return by including these services in the tenancy agreement. By doing so, you can increase the rent per week for the additional benefits and also have peace of mind that the maintenance is being done routinely, by professionals you trust.
Decide if you will allow pets.
If your property is suitable for pets, it can be beneficial to consider a pet friendly policy. Homes which allow pets are always in high demand and often return a higher rental income. Landlords also tend to see shorter vacancy rates and longer leases, as tenants are keen to avoid the difficult process of moving again. A special condition can be inserted into the tenancy agreement to protect your property and it is always at your discretion to accept the pet upon application.
Arrange for the property to be professionally cleaned.
The standard your property is in at the beginning of the rental period, will be the same standard as it’s returned to you in. We always recommend for your home to be professionally cleaned so we can hold tenants to the highest standard when they vacate the property. Tidying the gardens and checking to see if any minor repairs are required, would also be a good idea.
Check your locks and security.
All locks and security devices should be in good working order prior to tenants moving into the property. As the landlord, you will need to provide a full set of keys for one tenant, plus entry keys for all of the others. We can arrange for additional sets to be cut if necessary.
Smoke alarms, electrical safety switch and corded windows coverings.
Ensuring the health and safety of your tenants is also important. Under Queensland Government regulations, smoke alarms are mandatory in every home. We also recommend checking to see if an electrical safety switch has been installed and cords on window coverings attached to the wall with warning tags added.
Make your home water efficient.
Landlords are allowed to pass on the full water consumption charges to the tenants, provided the home is individually metered, certified, water efficient and agreed to in the lease. You can determine if your property is water efficient by engaging a plumber to provide you with a Water Efficiency Certificate. We all have a responsibility to be water wise and reduce consumption. This incentive by the Australian Government encourages Landlords to make their properties water efficient and allows you to pass the cost of water on to the tenant if agreed by both parties.
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